GPAM SSOS YTD +6.35% October 2016 +1.40%

Dear Investors,

We are now in the last quarter of the year. Our Seasonal Spread and Option strategy is up YTD 6.35%. Although it has been a positive year, we are beneath our anticipated return thus far due to the conditions for seasonal strategies not being optimal. Below, you can see a comparison of our strategy with the performance of the SP 500, the Agricultural Trader Index and the Diversified Trader Index Since 2009

(Past performance is not indicative of future results):

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